If you don’t buy right - you’re going nowhere.
Temptation is your worst enemy. Always look for great merchandise.
So what is great and what is not so great?
The easy answer: Something that is low in cost, sells high and everybody wants it
- like a really good price on cans of coffee.
Example: I saw a complete van full of coffee sell out in less than three hours.
They opened up the back door of the van, threw a blue tarp on the ground at the front of their booth. (no tables were furnished at this market)
Next, they filled it with large cans of name-brand coffee. It was early and a lot of vendors started gathering around the booth. Of course, when you see other early birds crowding around a booth, you know some thing is going on. I rushed over to check it out…wow! Large cans of name brand coffee at about ½ price. Since my partner and I drink coffee, you can bet that I grabbed up a couple of cans while I had the chance.
Many cities have stores that sell merchandise at wholesale prices. You probably will need some sort of ID and a state resell tax number to buy from them. The reason for this is that it covers their side of the street; these businesses usually don’t collect sales tax on the wholesale items so they need a record of who is going to collect the tax. This covers them in case they get a visit from the tax people.
Copyright © 2004 Larry L. Austin
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When you buy this way, you are responsible to collect sales tax on the items that you sell retail. Check in your phone book for “wholesale” listings of products of interest”.
The various flea market magazines are a great starting point to finding wholesale merchandise. (See resource chapter at end of book.)
Most market dealers buy from the same wholesale magazines or nearby wholesale outlets. The trick here is to stay on top of what are real hot sellers and how long to keep selling them before they crash. When sales start to drop off, cut prices and get out quick.
Another nice thing about having a resale tax number is that you can usually buy from any wholesale outlet. You can go right in and start buying right beside the pros. Sometimes it’s smart to check out what other vendors are snapping up. This gives you an idea of what is selling before you spend any money yourself.
There is a lot to be said for phone orders:
A free order line, no driving around.
Direct delivery to your house.
Shop wisely and compare the same products sold by different wholesalers. Check the minimum purchase for the total order. Many wholesalers want from $50-$100
dollars or more before they will fill your order. Some have no minimum. In
addition, you can often ask for a sample pack to check out the variety and quality of the products before spending more money with that store. With phone orders, all you have to do is place an order. They will tell you right then how much the total amount due is. If you use COD, they will usually either call you back when Copyright © 2004 Larry L. Austin
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they ship or give you a toll free number to call and check on the total amount of the order including shipping. Most vendors order COD or charge it on their credit card. NOTE: UPS, Fed-X, and other shippers no longer accept cash payment for COD’s. This means you must get a Postal Money Order or certified bank draft in the exact amount due. A small hassle. I usually get a Postal money order since the Post Office is just down the street.
A credit card is a nice way to order. You save the COD charges and they
sometimes even pay the postage on larger orders. Just remember that down the line your monthly credit card charges will come due.
Hopefully, you will have made at least three of four times the amount of your order by then. When that happens, you can smile as you pay the balance due.
Copyright © 2004 Larry L. Austin
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